Gold experienced a remarkable surge in domestic futures trading, hitting an unprecedented all-time high of ₹1,32,294 per 10 grams. This significant jump, a rise of ₹2,442, occurred on Friday, October 16, 2025, primarily fueled by strong safe-haven demand as investors navigated escalating global economic uncertainties and growing anticipation of monetary easing from the U.S. Federal Reserve.
Specifically on the Multi Commodity Exchange (MCX), December gold futures climbed by ₹2,442, or 1.88%, reaching this new lifetime peak of ₹1,32,294 per 10 grams.
The momentum extended to February 2026 gold futures, which soared by ₹2,927, a 2.23% increase, to establish an even higher record of ₹1,34,024 per 10 grams. This marked an impressive sixth consecutive session of gains for the precious metal.
According to Darshan Desai, CEO of Aspect Bullion & Refinery, gold’s sustained ascent to record highs is being driven by mounting fears of a potential credit crisis in the U.S., which currently overshadows any positive sentiment from a possible improvement in U.S.-Russia relations. He also noted that a weaker U.S. dollar and widespread expectations of interest rate reductions by the Federal Reserve are providing additional strong support for this bullish trend.
Not to be outdone, silver also participated in the rally, achieving its own set of new highs on the MCX. December delivery white metal futures saw a significant leap of ₹2,752, or 1.64%, reaching an all-time high of ₹1,70,415 per kilogram.
The positive trend continued for March 2026 silver contracts, extending their gains for a fifth consecutive session. These futures advanced by ₹3,274, or 1.93%, pushing them to an unprecedented ₹1,72,350 per kilogram on the commodities exchange.
Internationally, Comex gold futures also experienced a dramatic upward movement. December delivery yellow metal futures climbed by $71.09, or 1.65%, reaching $4,375.69 per ounce on Friday, October 17, 2025. This came just a day after breaking the $4,300 per ounce barrier, and it later hit an impressive intraday record of $4,391.69 per ounce.
Rahul Kalantri, Vice-President of Commodities at Mehta Equities Ltd., commented on this monumental shift, stating, “Gold surpassed the $4,300 per ounce threshold for the very first time. The relentless influx of safe-haven purchases combined with robust technical momentum is propelling both gold and silver higher. This enduring bullish sentiment has effectively pushed market bears to the sidelines, underscoring the powerful upward trajectory of these precious metals.”
Echoing this sentiment, Jigar Trivedi, Senior Research Analyst at Reliance Securities, noted that “The yellow metal is poised for a significant weekly gain, representing the most substantial advance within its current nine-week rally, as investors continue to flock to safety amidst intensified economic uncertainties.”
Meanwhile, Comex silver futures for December delivery traded slightly higher at $53.38 per ounce, building on its prior session’s record high of $53.76 per ounce.
Mr. Trivedi further elaborated that this week’s repeated record highs for bullion were spurred by rekindled U.S.-China trade tensions and ongoing anxieties surrounding the U.S. government shutdown.
He concluded, “The precious metal also received a boost from recent statements by Federal Reserve Chair Jerome Powell, which highlighted indicators of a softening labor market. This has led investors to almost entirely anticipate a 25 basis point interest rate cut this month, with another expected in December. Year-to-date, gold has already climbed over 65%, buoyed by substantial central bank acquisitions, significant inflows into exchange-traded funds (ETFs), and robust demand for reliable safe-haven assets.”